State Employees’ Retirement Fund Market Value Altimeter
September 2004
| Valuation Date |
Market Value (in billions) |
| 7/31/2004 | 9.316 |
| 6/30/2004 | 9.511 |
| 5/31/2004 | 9.373 |
| 4/30/2004 | 9.371 |
| 3/21/2004 | 9.496 |
| 2/29/2004 | 9.520 |
| 1/31/2004 | 9.420 |
| 12/31/2003 | 9.369 |
| 9/30/2003 | 8.857 |
| 6/30/2003 | 8.707 |
| 12/31/2002 | 8.537 |
| 12/31/2000 | 10.890 |
| 12/31/1995 | 6.595 |
| 12/31/1990 | 3.935 |
There was a small obstacle in the road of the State of Michigan Retirement System portfolio between June 30 and July 31, 2004. Though there appeared good performances by our investor, the total showed a decrease of 1.95 million between the two dates reflecting a bottom line of 9.316 billion.
Observations, Facts and Assumptions
Going against conventional wisdom, the Federal Reserve is raising interest rates in an election year. This action ordinarily would not be allowed in the past. The rate may be changed to 1.75% sometime in September as the Federal Reserve is confident the economy’s "soft patch" is temporary. Chairman Alan Greenspan in the past has long been concerned about the benefits program for the elderly. Back in 1983 he chaired a commission that rescued social security during an earlier crisis. Now his suggested changes to fix medicare involves increasing the retirement age for those receiving full benefits. (It is already scheduled to rise from 65 to 67) Also, he believes the retirement age should be continually adjusted to reflect ever rising life expectations. And — listen to this old friends of mine — Alan suggests trimming the annual cost-of-living adjustment retirees receive because the current Consumer Price index overstates inflation. That’s all we need — come on Mr. Greenspan, let’s think this one over again!
Our SERA Council, which meets four times a year in Lansing, pulled a reverse August 20 and conducted its business in Escanaba as a guest of Bruce Andrews, President of the Escanaba Chapter. Representative Stupak was prime speaker and representatives of Blue Cross also participated. The weather was great, food good, and the meeting brought forth reasons there is a SERA organization.
In the upper peninsula, I have been told they believe there are only three types of people in the world. Folks who are yoopers, folks who want to be yoopers and folks who are related to yoopers. It appears people from ...God’s Country" feel a sense of pity for folks who inhabit elsewhere. Many yoopers have interesting ideas of those people living below the bridge. They call such individuals trolls. Yoopers however, don’ t look down on trolls because they live "under the bridge." They don’t and shouldn’t do so because in all probability the yooper has a relative or two living down there.
Did You Know
- It was over a century and a half ago that prospectors first came ashore to search for copper riches in the Keweenaw Peninsula.
- The U.P. is the only region of the U.S. that had about the same population in the year 2000 as it did in 1900.
- The Porcupine State Park in the U.P. incompasses 60,000 acres of towering virgin timber, secluded lakes and miles of wild rivers and streams.
Ponder This
- A recession is what takes the wind out of your sales.
- Inflation is when the buck doesn’t stop anywhere.
- These days if you can affordto go to college there really is no need to go.
- God crossed Adam and Eve and they raised a Little Cain.
Editor’s note: Al Trierweiter is a former President of the Lansing SERA Chapter, former Chairman of the Michigan SERA Coordinating Council, former Legislative Representative for both the Lansing Chapter and the SERA Council. AI may be reached at 6440 Old River Trail, Lansing 48917; phone 321-0041.
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